Weekly Crypto Market Update - April 29, 2024

LAST WEEK RECAP:

• U.S. PCE increased 2.7% YoY in March v.s. 2.6% estimated, the core PCE rose 2.8% YoY v.s. 2.6% estimated.
• U.S. GDP growth slowed to a 1.6% rate in the first quarter, well below 2.4% estimated.
• Consensys filed lawsuit against SEC over Ethereum.
• Hongkong BTC and ETH ETF will start trading on Apr 30th, but Mainland China investors won't have access.
• Reuters reported SEC is expected to deny spot ETH ETF in May.
• Franklin Templeton lists ETH ETF on DTCC.
• US prosecutors are seeking 3 year jail sentence for ex-Binance CEO CZ before April 30th sentencing.

LEGACY MARKETS – DXY

DXY is still as top of the range, but has been failing to break higher last week. If the weakness at top of the range continuous and DXY drops back deeper in the range, equities and crypto should pick up again.

LEGACY MARKETS – VIX

VIX has come down quite a bit, but it’s still in the territory of making a possible higher low. Ideally, it does a full retrace to the 12-14 this would allow most market to continue trends again.

BTC WEEKLY VIEW

BTC is still consolidating on previous ATH, however post-halving, it seems ETF inflows have slowed down in the short-term. For now, BTC is just ranging until further notice after a massive upwards arc in early 2024. This should open up upside on alt/btc ratios.

ETH WEEKLY VIEW

ETH has also found support at the 2.8-3k area. Meanwhile with BTC ranging ETH/BTC ratio saw a nice reversal over the weekend.

ETH/BTC

ETH/BTC saw a reversal over the weekend. However everytime ETH/BTC had any kind of reversal it usually bled back down couple days later. If the reversal is real it should keep going instead of bleeding back down. If there ever was a good moment though it’s now with BTC having a complete loss of momentum.

TOTAL3 USD MARKET STRENGTH

TOTAL3 still seems like it will need some time to build a new price structure at these higher levels before it’s ready to continue upwards. There will of course be out-performers as always, but in the short-term it seems the market is poised to build more range on most coins.

TOTAL3 BTC MARKET STRENGTH

ALT/BTC, just like ETH/BTC, could pick up quite a bit with BTC having major momentum loss. And ALT/USDT pairings seemingly ready to build new ranges, it would make sense for ALT/BTC to see more reversion against BTC after the initial trend BTC had with the ETF inflows.

SUMMARY

• ALT/BTC ratios setting up strong after BTC loss of momentum post halving.
• ETH/BTC reversing over the weekend, can it finally continue to trend upwards?
  

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post is prepared by Kairon Labs Traders: Joshua van de Kerckhove, and Patrick Li

Edited by: Marianne Dasal